2014

Fusion-io Reports Fourth Quarter and Fiscal Year 2013 Results

SALT LAKE CITY, Aug. 7, 2013 /PRNewswire/ -- Fusion-io, Inc. (NYSE: FIO) today announced its financial results for its fiscal fourth quarter and fiscal year ended June 30, 2013. 

  • Revenue: $432.4 million in fiscal 2013 (an increase of 20% over fiscal 2012)
  • GAAP Gross Margin of 58.9% in fiscal 2013 and Non-GAAP Gross Margin of 60.1% in fiscal 2013
  • GAAP Net Loss per Diluted Share: $0.40 in fiscal 2013 (compared to loss of $0.06 in fiscal 2012)
  • Non-GAAP Net Income per Diluted Share: $0.21 in fiscal 2013 (compared to $0.35 in fiscal 2012)
  • Operating Cash Flow: $39.4 million in fiscal 2013 (compared to $34.8 million in fiscal 2012)

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Fiscal Fourth Quarter 2013 GAAP Financial Results
Fusion-io reported revenue of $106.1 million for the fiscal fourth quarter 2013, up 21% from $87.7 million for the preceding quarter and essentially flat from $106.6 million in the same quarter of 2012. Net loss for the fiscal fourth quarter of 2013 was $23.8 million, or a net loss per diluted share of $0.24, compared to a net loss of $2.4 million, or a net loss per diluted share of $0.03, in the fiscal fourth quarter of 2012. Gross margin for the fiscal fourth quarter 2013 was 58.0%. Operating margin for the fiscal fourth quarter 2013 was a negative 22.4%.

Fiscal Fourth Quarter 2013 Non-GAAP Financial Results
Non-GAAP net loss for the fiscal fourth quarter of 2013 was $3.0 million, or a net loss per diluted share of $0.03, compared to non-GAAP net income of $9.8 million, or net income per diluted share of $0.09, in the same quarter of fiscal 2012. Non-GAAP gross margin for the fiscal fourth quarter 2013 was 59.1%. Non-GAAP operating margin for the fiscal fourth quarter 2013 was a negative 6.0%. A complete reconciliation of GAAP to non-GAAP results is set forth in the attachment to this press release.

"Fusion-io pioneered the all flash data center architecture that the industry is now embracing, and we are well positioned to capture a significant share of the opportunity from enterprise to hyperscale over the next few years," said Shane Robison, Fusion-io chairman and chief executive officer. "To continue to maintain our market leadership, we will increase our focus on our go-to-market strategy, product portfolio and our partnerships as we help customers around the world unlock the business value in real-time information intelligence."

Fiscal 2013 GAAP Financial Results
Revenue for fiscal year 2013 was $432.4 million, up 20% from $359.3 million in fiscal year 2012. Net loss for the fiscal year 2013 was $38.2 million, or a net loss per diluted share of $0.40. This compared to a net loss of $5.6 million, or a net loss per diluted share of $0.06, in fiscal year 2012. Gross margin for the fiscal year 2013 was 58.9%. Operating margin for fiscal year 2013 was a negative 8.5%.

Fiscal 2013 Non-GAAP Financial Results
Non-GAAP net income for fiscal year 2013 was $22.4 million, or $0.21 per diluted share. This compares to non-GAAP net income of $37.5 million, or $0.35 per diluted share, for fiscal 2012. Non-GAAP gross margin for the fiscal year 2013 was 60.1%. Non-GAAP operating margin for the fiscal year 2013 was 7.1%.

Dennis Wolf, Fusion-io chief financial officer added: "We exited fiscal 2013 with a significantly more diversified customer and product base, which we believe provides a sound basis for business expansion going forward.  In fiscal 2014, we are intent on improving how we leverage our partnerships and introduce new products to the market while continuing to invest in our technology leadership."

Other Financial Highlights

  • Cash and cash equivalents totaled $238.4 million at the end of fiscal fourth quarter 2013, a decrease of $116.3 million from the prior quarter-end following the acquisition of NexGen Storage and compared to $321.2 million at the end of fiscal 2012.
  • Deferred revenue at the end of fiscal 2013 was $39.0 million, compared to $28.9 million at the end of fiscal 2012.
  • Inventory was $71.2 million at the end of fiscal 2013, an increase of $0.1 million from the prior quarter-end and compared to $59.5 million at the end of fiscal 2012.
  • Capital expenditures were $3.5 million in fiscal fourth quarter 2013 and $14.4 million for fiscal 2013.
  • Cash used in operations was $6.4 million for the fiscal fourth quarter 2013 and cash provided by operations was $39.4 million for fiscal 2013.

Recent Business Highlights

  • On May 8, Fusion-io announced that Shane Robison was named Chairman, Chief Executive Officer and President. Mr. Robison, a director of the Fusion-io Board of Directors since December 2011, succeeds co-founder David Flynn
  • On July 23 at the Open Source Convention (OSCON), Fusion-io announced the first steps to accelerating the adoption of flash aware applications by contributing NVMKV (non-volatile memory key value) API to the Open Compute Project and the flash-aware demand paging extension to Linux community.  In addition, Fusion-io announced that the Fusion-io Atomic Writes API contributed for standardization to the T10 SCSI Storage Interfaces Technical Committee is now in use by leading MySQL databases.
  • On June 24, Fusion-io announced the upgrade of its ioTurbine software. As the industry's first unified virtualization software solution, ioTurbine now uniquely enables caching choice across IT architectures with customer options for hypervisor caching, virtualization-aware caching in the guest VM, and dynamic reallocation of cache memory during live migration of virtual machines with VMware vMotion.
  • On June 21 at Cisco Live 2013, Fusion-io announced the availability of its server acceleration solutions in Cisco's C-Series Rack servers.
  • On June 12 at HP Discover, Fusion-io showcased its ION Data Accelerator software achieving 24 GB/s ultra low latency data throughput and over two million IOPS in an HP server system.
  • During the week of June 10 at IBM's Edge 2013 Conference, Fusion-io demonstrated how server-side caching and IBM's High IOPS MLC Adapters, both powered by Fusion-io technology, can increase application performance by up to 40x, double VM density and offload SAN workload by up to 30%.

Business Outlook
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

First quarter of fiscal year 2014:

  • Revenue of $80 to $90 million.
  • Non-GAAP gross margin of approximately 56% to 58%.
  • Non-GAAP operating margin of approximately negative 15% to 25%.
  • Diluted shares outstanding of approximately 100 million shares, equal to the basic shares outstanding, given the expected net loss.

Fiscal Year 2014 guidance:

  • Revenue growth of approximately 20%.
  • Non-GAAP gross margin in the range of 52% to 54%.
  • Non-GAAP operating margin in the range of 2% to 5%, which includes the full effect of the acquisition of NexGen Storage Systems, Inc.
  • Diluted shares outstanding of approximately 113 million shares.

Non-GAAP Financial Measures
Fusion-io uses certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. Reconciliation between non-GAAP and GAAP measures can be found in the accompanying tables and on the investor relations page of our website at www.fusionio.com. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures differ from GAAP measures with the same captions, may differ from non-GAAP financial measures with the same or similar captions that are used by other companies, and do not reflect a comprehensive system of accounting.

Fusion-io's management uses the non-GAAP financial measures in the accompanying schedules to gain an understanding of Fusion-io's comparative operating performance and future prospects, and utilizes these measures in its internal financial statements for purposes of its internal budgets and financial goals. Management also believes that the exclusion of the items described below provides an additional measure of the company's operating results and facilitates comparisons of Fusion-io's core operating performance against prior periods and business model objectives. Management believes that investors should have access to the same set of tools that management uses to analyze Fusion-io's results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Fusion-io endeavors to compensate for the limitation of the non-GAAP measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP measures.  

For all periods presented:

  • Non-GAAP gross margin is calculated as non-GAAP gross profit divided by GAAP revenue. Non-GAAP gross profit consists of GAAP gross profit excluding the effects of stock-based compensation expense, amortization of intangible assets, and litigation settlement related expenses.
  • Non-GAAP operating margin is calculated as non-GAAP income (loss) from operations divided by GAAP revenue. Non-GAAP income (loss) from operations consists of GAAP loss from operations excluding the effects of stock-based compensation expense, amortization of intangible assets, acquisition related expenses, and litigation settlement related expenses.
  • Non-GAAP net income (loss) is calculated as GAAP net loss excluding the effects of stock-based compensation expense, changes in the fair value of a common stock repurchase derivative liability, amortization of intangible assets, acquisition related expenses, a tax benefit for the reversal of valuation allowance as a result of the IO Turbine acquisition, tax provision adjustments related to stock-based awards, and litigation settlement  related expenses.
  • Non-GAAP net income (loss) per diluted share is calculated as non-GAAP net income (loss) divided by non-GAAP weighted average diluted shares outstanding for the three months ended June 30, 2012 and the fiscal years ended June 30, 2012 and 2013 and is calculated as non-GAAP net loss divided by GAAP weighted-average diluted shares outstanding for the three months ended June 30, 2013. Non-GAAP weighted-average diluted shares outstanding is calculated as GAAP weighted-average diluted shares outstanding including the dilutive impact due to stock options, a common stock warrant, restricted stock awards, and restricted stock units.

The accompanying tables provide more details on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures. With respect to our expectations under "Business Outlook" above, reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures. The effects of stock-based compensation expense specific to non-employee common stock options are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant impact on our GAAP financial results.

Today's Conference Call
Fusion-io will host an investor conference call and live webcast today, Wednesday, August 7, 2013, at 5:00 p.m. EDT to discuss these financial results. To access the conference call, dial 1.800.446.2782 or 1.847.413.3235 for international callers. The access code is 3520 1704. A listen-only live webcast and accompanying slide presentation will be accessible on the investor relations page of our website at www.fusionio.com and will be archived and available on this site for at least three months. A telephone replay of the conference call will be available through Wednesday, August 14, 2013. To access the replay, please dial 1.888.843.7419 or 1.630.652.3042 for international callers. The access code is 3520 1704. This press release and the financial information discussed on today's conference call are available on the investor relations page of our website at www.fusionio.com.

About Fusion-io
Fusion-io delivers the world's data faster. Our Fusion ioMemory platform and software defined storage solutions accelerate virtualization, databases, cloud computing, big data and performance applications. From e-commerce retailers to the world's social media leaders and Fortune Global 500 companies, our customers are improving the performance and efficiency of their data centers with Fusion-io technology to accelerate the critical applications of the information economy.

Note on Forward-looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but are not limited to, statements concerning financial guidance for our first fiscal quarter of 2014 and our full fiscal year 2014, our position to capture market share and our expectations regarding market trends, our expectations concerning our increased focus on our go to market strategy, product portfolio and our strategic partnerships, and benefits and value of our products and solutions to our customers and end users. These statements are based on current expectations and assumptions regarding future events and business performance and involve certain risks and uncertainties that could cause actual results to differ materially from those contained, anticipated, or implied in any forward-looking statement, including, but not limited to, risks associated with changes in the demand for our products, our expectation that large and concentrated purchases by a limited number of customers will continue to represent a substantial majority of our revenue and our ability to sustain or increase our revenue from our large customers or offset the discontinuation of concentrated purchases by our larger customers with purchases by new or existing customers, the continued adoption by customers of our ioMemory platform products, growing our sales through OEMs, resellers and channel partners and maintaining our relationships with OEMs, resellers and channel partners, including the timely qualification of our products for promotion and sale by our OEMs, long and unpredictable sales cycles, changes in the competitive dynamics of our markets, including the potential for increased pressure on the pricing of our products, reduced gross margins, increased sales and marketing expenses, the potential that we or our customers may not realize the benefits we currently expect from our acquisitions of ID7 and NexGen Storage, our ability to develop or acquire new products to meet customer needs and expectations, including additional software solutions to be integrated with our storage memory products, our acquisition and strategic partner strategy and disruptions in our business, operations and financial results as a result of acquisitions and strategic partner relationships, as well as the risks inherent in the integration and combination of complex products and technologies from acquisitions, undetected errors, defects or security vulnerabilities in our products, worldwide economic conditions and the impact these conditions have on levels of spending on datacenter technology like ours, and such other risks set forth in the registration statements and reports that Fusion-io files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.fusionio.com. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or will occur. Fusion-io undertakes no obligation to update publicly any forward-looking statement for any reason after the date of this press release.

Contacts:
Investor Relations: Nancy Fazioli, ir@fusionio.com, 408-416-5779
Media Relations: Robert Brumfield, bbrumfield@fusionio.com, 917-224-7769

Fusion-io, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)












Three Months Ended


Year Ended



June 30,


June 30,



2012


2013


2012


2013










Revenue


$       106,596


$     106,052


$  359,349


$  432,386

Cost of revenue (1), (3), (7)


45,305


44,520


159,045


177,915

Gross profit


61,291


61,532


200,304


254,471










Operating expenses:









Sales and marketing (1), (3)


26,417


40,112


87,171


126,508

Research and development (1), (3)


19,456


26,465


60,006


95,458

General and administrative (1), (4), (7)


16,408


18,747


58,423


69,421

   Total operating expenses


62,281


85,324


205,600


291,387

Loss from operations


(990)


(23,792)


(5,296)


(36,916)

Other income (expense):









  Interest income


134


48


384


343

  Interest expense


(43)


(27)


(177)


(119)

  Other (expense) income (2)


(1)


24


121


(30)

Loss before income taxes


(900)


(23,747)


(4,968)


(36,722)

Income tax expense (5), (6)


(1,487)


(97)


(615)


(1,504)

Net loss


$         (2,387)


$     (23,844)


$     (5,583)


$   (38,226)










Net loss per common share:









Basic


$           (0.03)


$         (0.24)


$       (0.06)


$       (0.40)

Diluted


$           (0.03)


$         (0.24)


$       (0.06)


$       (0.40)

Weighted-average number of shares:









Basic


93,042


97,949


87,674


96,203

Diluted


93,042


97,949


87,674


96,203



















(1) Includes stock-based compensation expenses, as follows:









Cost of revenue


$                85


$            119


$         216


$         373

Sales and marketing


1,810


2,418


6,089


9,676

Research and development


3,771


5,054


9,111


18,907

General and administrative


6,572


7,909


28,022


27,470

   Total stock-based compensation expenses


$         12,238


$       15,500


$    43,438


$    56,426










(2) Includes other income related to changes in the fair value of a common stock repurchase derivative liability


$                 -


$              -


$          (70)


$            -










(3) Includes amortization of intangible assets, as follows:









Cost of revenue


$                 -


$         1,071


$            -


$      1,146

Sales and marketing


-


61


-


61

Research and development


659


656


2,336


2,624

   Total amortization of intangible assets


$              659


$         1,788


$      2,336


$      3,831










(4) Includes acquisition related expenses


$                 -


$            151


$      1,326


$         710










(5) Includes tax benefit for reversal of valuation allowance as a result of the IO Turbine acquisition


$                 -


$              -


$     (2,782)


$            -










(6) Includes tax provision adjustments related to stock-based awards

$            (664)


$         3,375


$     (1,187)


$     (7,197)










(7) Includes litigation settlement related expenses, as follows:









Cost of revenue


$                 -


$              -


$            -


$      4,052

General and administrative


-


-


-


2,805

   Total litigation settlement related expenses


$                 -


$              -


$            -


$      6,857



 

Fusion-io, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)






June 30,


June 30,


2012


2013

Assets




Current assets:




Cash and cash equivalents

$           321,239


$          238,351

Accounts receivable, net

56,720


69,107

Inventories

59,457


71,160

Prepaid expenses and other current assets

9,224


9,530

   Total current assets

446,640


388,148





Property and equipment, net

31,245


35,272

Restricted cash

-


4,860

Intangible assets, net

8,164


28,268

Goodwill

54,777


149,467

Other assets

194


1,433

   Total assets

$           541,020


$          607,448





Liabilities and Stockholders' Equity




Current liabilities:




Accounts payable

$               9,765


$            14,170

Accrued and other current liabilities

29,187


44,425

Deferred revenue

20,715


24,848

   Total current liabilities

59,667


83,443





Deferred revenue, less current portion

8,154


14,167

Other liabilities

12,276


19,421





Commitments and contingencies




Stockholders' equity:




Common stock

19


20

Additional paid-in capital

531,478


599,292

Accumulated other comprehensive loss

(15)


(110)

Accumulated deficit

(70,559)


(108,785)

       Total stockholders' equity

460,923


490,417

          Total liabilities and stockholders' equity

$           541,020


$          607,448



Fusion-io, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)










Three Months Ended


Year Ended


June 30,


June 30,


2012


2013


2012


2013

Operating activities:








Net loss

$        (2,387)


$     (23,844)


$     (5,583)


$     (38,226)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:








   Depreciation and amortization

2,852


5,524


9,009


16,292

   Stock-based compensation

12,238


15,500


42,645


56,426

   Excess tax benefit from stock-based awards

(655)


325


(2,500)


(123)

   Deferred taxes

-


-


(2,782)


-

   Other non-cash items

37


-


(26)


11

   Changes in operating assets and liabilities:








      Accounts receivable, net

(7,412)


(18,515)


(12,346)


(12,271)

      Inventories

12,507


1,041


(23,835)


(10,591)

      Prepaid expenses and other assets

(2,853)


(1,355)


(5,430)


(1,296)

      Accounts payable

(1,725)


4,798


(249)


4,094

      Accrued and other liabilities

11,588


6,673


19,013


15,261

      Deferred revenue

6,381


3,427


16,852


9,809

        Net cash provided by (used in) operating activities

30,571


(6,426)


34,768


39,386









Investing activities:








   Business acquisitions, net of cash acquired

-


(108,296)


(17,578)


(114,157)

   Proceeds from the sale of property and equipment

-


-


1


-

   Purchases of property and equipment

(7,411)


(3,542)


(23,997)


(14,440)

        Net cash used in investing activities

(7,411)


(111,838)


(41,574)


(128,597)









Financing activities:








   Repurchases of common stock

-


-


(1,067)


-

   Repayment of notes payable and capital lease obligations

(11)


-


(110)


(623)

   Proceeds from exercises of stock options

1,106


1,441


8,210


8,443

   Issuance of restricted stock awards and restricted stock units, net of repurchases

(41)


(635)


(44)


(3,350)

   Proceeds from issuance of common stock, net of issuance costs

-


-


93,977


-

   Proceeds from issuance of common stock under employee stock purchase plan

1,762


1,610


5,061


6,703

   Excess tax benefit from stock option exercises

655


(325)


2,500


123

   Change in restricted cash

-


(19)


-


(4,862)

        Net cash provided by financing activities

3,471


2,072


108,527


6,434

   Effect of exchange rate changes on cash and cash equivalents

(43)


(104)


(86)


(111)

   Net increase (decrease) in cash and cash equivalents

26,588


(116,296)


101,635


(82,888)

   Cash and cash equivalents at beginning of period

294,651


354,647


219,604


321,239

   Cash and cash equivalents at end of period

$      321,239


$     238,351


$  321,239


$    238,351



Fusion-io, Inc.

Reconciliation of Non-GAAP Financial Measures

(in thousands, except per share data)

(unaudited)














Three Months Ended


Year Ended




June 30,


June 30,




2012


2013


2012


2013

Reconciliation of Gross Profit and Gross Margin on a GAAP Basis to Gross Profit and Gross Margin on a Non-GAAP Basis:









Gross profit on a GAAP basis


$     61,291


$          61,532


$  200,304


$   254,471

Stock-based compensation


85


119


216


373

Amortization of intangible assets


-


1,071


-


1,146

Litigation settlement related expenses


-


-


-


4,052

Gross profit on a non-GAAP basis


$    61,376


$         62,722


$  200,520


$  260,042

Revenue


$  106,596


$       106,052


$  359,349


$  432,386

    Gross margin on a GAAP basis


57.5%


58.0%


55.7%


58.9%

    Gross margin on a non-GAAP basis


57.6%


59.1%


55.8%


60.1%











Reconciliation of Operating Loss and Operating Margin on a GAAP Basis to Operating Income (Loss) and Operating Margin on a Non-GAAP Basis:









Operating loss on a GAAP basis


$       (990)


$       (23,792)


$     (5,296)


$   (36,916)

Stock-based compensation


12,238


15,500


43,438


56,426

Amortization of intangible assets


659


1,788


2,336


3,831

Acquisition related expenses


-


151


1,326


710

Litigation settlement related expenses


-


-


-


6,857

Operating income (loss) on a non-GAAP basis


$     11,907


$         (6,353)


$     41,804


$    30,908

Revenue


$  106,596


$       106,052


$  359,349


$  432,386

    Operating margin on a GAAP basis


-0.9%


-22.4%


-1.5%


-8.5%

    Operating margin on a non-GAAP basis


11.2%


-6.0%


11.6%


7.1%











Reconciliation of Net Loss on a GAAP Basis to Net Income (Loss) on a Non-GAAP Basis:









Net loss on a GAAP basis


$    (2,387)


$       (23,844)


$     (5,583)


$  (38,226)

  Stock-based compensation


12,238


15,500


43,438


56,426

  Other income related to changes in the fair value of a common stock repurchase derivative liability


 

-


 

-


 

(70)


 

-

  Amortization of intangible assets


659


1,788


2,336


3,831

  Acquisition related expenses


-


151


1,326


710

    Tax benefit for reversal of valuation allowance as a result of the IO Turbine acquisition


 

-


 

-


 

(2,782)


 

-

    Tax provision adjustments related to stock-based awards


(664)


3,375


(1,187)


(7,197)

    Litigation settlement related expenses


-


-


-


6,857

Net income (loss) on a non-GAAP basis


$      9,846


$         (3,030)


$    37,478


$     22,401



 

Fusion-io, Inc.

Reconciliation of Non-GAAP Financial Measures (continued)

(in thousands, except per share data)

(unaudited)














Three Months Ended


Year Ended




June 30,


June 30,




2012


2013


2012


2013

Reconciliation of Diluted Net Loss per Share on a GAAP Basis to Diluted Net Income (Loss) per Share on a Non-GAAP Basis:









Diluted net loss per share on a GAAP basis


$        (0.03)


$         (0.24)


$    (0.06)


$        (0.40)

Stock-based compensation


0.13


0.16


0.48


0.59

Other income related to changes in the fair value of a common stock repurchase derivative liability


 

-


 

-


 

(0.01)


 

-

Amortization of intangible assets


0.01


0.02


0.03


0.04

Acquisition related expenses


-


-


0.02


0.01

  Tax benefit for reversal of valuation allowance as a result of the IO Turbine acquisition


 

-


 

-


 

(0.03)


 

-

  Tax provision adjustments related to stock-based awards


(0.01)


0.03


(0.01)


(0.07)

  Litigation settlement related expenses


-


-


-


0.07

  Impact of difference in number of GAAP and non-GAAP diluted shares


(0.01)


-


(0.07)


(0.03)

Diluted net income (loss) per share on a non-GAAP basis


$          0.09


$         (0.03)


$     0.35


$          0.21











Reconciliation of GAAP Diluted Weighted-Average Number of Shares to Non-GAAP Diluted Weighted-Average Number of Shares:









GAAP diluted weighted-average number of shares


93,042


97,949


87,674


96,203

Dilutive impact due to stock options, a common stock warrant, restricted stock awards, and restricted stock units


 

14,572


 

-


 

18,646


 

12,325

Non-GAAP diluted weighted-average number of shares


107,614


97,949


106,320


108,528



SOURCE Fusion-io, Inc.



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http://www.fusionio.com

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